Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (Unaudited)

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CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (Unaudited) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Operating Activities:    
Net loss $ (7,038) $ 7,188
Adjustments to reconcile net income to net cash used in operating activities    
Depreciation, depletion and amortization 4,160 3,626
Unrealized foreign exchange loss 22 22
Dry hole costs and impairment loss on unproved leasehold 10,505 4,896
Stock based compensation 1,417 1,406
Bad debt expense   879
Change in operating assets and liabilities:    
Trade receivables 16,885 (16,541)
Accounts with partners (42,192) (11,260)
Other receivables (108) (3,020)
Crude oil inventory (996) 287
Materials and supplies (304) 12
Prepayment and other (3,975) 256
Accounts payable and accrued liabilities (1,918) 3,280
Net cash used in operating activities (23,542) (8,969)
Cash Flows from Investing Activities    
Decrease (increase) in restricted cash 207 (818)
Property and equipment expenditures (24,751) (18,372)
Net cash used in investing activities (24,544) (19,190)
Cash Flows from Financing Activities    
Debt issuance costs capitalized (1,722)  
Net cash used in financing activities (1,722)  
Net Change in Cash and Cash Equivalents (49,808) (28,159)
Cash and Cash Equivalent at Beginning of Period 130,529 130,800
Cash and Cash Equivalent at End of Period 80,721 102,641
Supplemental disclosure of cash flow information    
Income taxes paid 9,538 9,741
Investment in property and equipment not paid 11,304 11,777
Receivable from employees for stock option exercise   $ 135